The Psychology of Poverty, Wealth, and Economic Inequality

Economic inequality is a significant issue with psychological consequences, and this textbook provides an intersectional analysis of its impact on various outcomes. It offers solutions at the individual, community, and national levels to restore optimism and encourage action.

Format: Hardback
Length: 391 pages
Publication date: 05 January 2023
Publisher: Cambridge University Press

Economic inequality is a pressing issue of our time, with a small fraction of individuals in the United States holding an astonishing amount of wealth, surpassing the combined wealth of half the nation. The psychological implications of living in a profoundly unequal society are profound and far-reaching. This comprehensive textbook stands as a pioneering exploration of poverty, wealth, and economic inequality from a psychological lens. Authored by two esteemed scholars in the field, it offers an interdisciplinary analysis of the profound impact of economic inequality on cognitive, emotional, interpersonal, intergroup, physiological, and health outcomes. Students are introduced to a diverse range of methods used to study poverty, wealth, and economic inequality, as well as the strengths and limitations of various approaches. The text primarily focuses on offering solutions at the individual, community, and national levels to restore hope and ignite action. Each chapter includes engaging exercises and thought-provoking reflection questions that empower students to critically evaluate the implications of research findings and apply them to their own lives.

The consequences of economic inequality extend beyond individual well-being and impact society as a whole. Research has shown that economic inequality is associated with various negative outcomes, including higher rates of depression, anxiety, and stress, poorer mental health outcomes, reduced social mobility, and decreased social cohesion. Moreover, economic inequality can perpetuate social divisions and create a sense of resentment and frustration among individuals and communities.

Addressing economic inequality requires a multi-faceted approach that addresses the root causes of income and wealth disparities. This includes policies that promote economic growth, job creation, and social mobility, such as investment in education, healthcare, and infrastructure. It also involves addressing systemic issues such as discrimination, unequal access to education and job opportunities, and the concentration of wealth in the hands of a few.

Furthermore, promoting social cohesion and reducing social divisions is crucial in addressing the psychological consequences of economic inequality. This can be achieved through initiatives that promote community engagement, social justice, and diversity, such as community development programs, social work, and cultural exchange. Additionally, addressing the root causes of economic inequality, such as systemic discrimination and unequal access to resources, is essential in creating a more equitable and just society.

In conclusion, economic inequality is a defining issue of our time, with profound psychological consequences. Living in a profoundly unequal society can lead to higher rates of depression, anxiety, and stress, poorer mental health outcomes, reduced social mobility, and decreased social cohesion. Addressing economic inequality requires a multi-faceted approach that addresses the root causes of income and wealth disparities, promotes social cohesion, and reduces social divisions. By working towards creating a more equitable and just society, we can strive to mitigate the negative impact of economic inequality and promote the well-being of all individuals and communities.

Weight: 1024g
Dimension: 197 x 254 x 27 (mm)
ISBN-13: 9781108486149